Palm Beach Gardens building that was once Gander Mountain store in foreclosure

Owner allegedly defaulted on a $14M mortgage

TRD MIAMI /
Feb.February 05, 2018 10:30 AM

Gander Mountain at 100 Gander Way (Credit: Oppidan)

A recently shuttered Gander Mountain retail store in Palm Beach Gardens was just hit with a $14 million foreclosure lawsuit, according to the South Florida Business Journal.

The lawsuit was filed against the owner, Gan Palm Beach Lessor Corp., by an LLC that is part of a commercial mortgage-backed securities trust.

Gan Palm Beach Lessor Corp. bought the 125,641-square-foot retail building at 100 Gander Way for $29.8 million in 2012. A couple of months later, the company secured a $15.3 million loan from Prudential Mortgage Capital Company LLC, records show.

The outdoor and sporting goods retailer closed dozens of its stores nationwide over the summer, in an attempt to emerge from Chapter 11 bankruptcy. Its store in Palm Beach Gardens was one of them.

An executive of New York-based Lexington Realty Trust, which lists the Palm Beach Gardens store as part of its property portfolio, told the publication that Gander Mountain was the sole tenant. The complaint does not name the Lexington Realty, a real estate investment trust, as a defendant.

The vacant retail store is another example of the fast declining state of retail in the country, where stores have shuttered and companies filed for bankruptcy amid a changing market. Toys “R” Us, Sears, Macy’s and JCPenney, among others , have closed more than a hundred of their store locations nationwide.

There is still some hope for the camping brand, now called Gander Outdoors. In December, the company announced it would reopen some stores, after it was pulled out of bankruptcy by TV host Marcus Lemonis’ Camping World Holdings. [SFBJ]Amanda Rabines


Related Articles

arrow_forward_ios
Shoma Group CEO Masoud Shojaee and a rendering of Ten30 South Beach

Shoma nabs $18M construction loan for condos near Lincoln Road

Eric the Jeweler suing Mondrian South Beach owners

Eric the Jeweler blames Mondrian South Beach owners for $2M heist: lawsuit

Howard Wurzak’s development firm is suing over delays and defects at the double branded Dalmar and Element hotel

Fort Lauderdale hotel developer sues Tutor Perini, seeking nearly $12M for alleged delays, defects

Ernesto Weisson and Roberto Cortes allegedly ran the Ponzi scheme with a third partner, Juan Carlos Cortes (not pictured). (Credit: Ocean Reef Club)

Latin American investors allegedly lost $250M in Miami real estate Ponzi scheme: lawsuit

Bradley Colmer, a Sunset Park rendering and 1349 Dade Boulevard (Credit: Domo Architecture and Design and Google Maps)

Judge’s panel rules over Beach Towing and Deco Capital Group’s fight over Sunset Harbour project

Rendering of Wynwood 28 and Laurent Morali 

Kushner lands $18M loan for Wynwood projects

Muse Residences and PMG Managing Partner Ryan Shear (Credit: PMG)

PMG, S2 score victory in legal battle at Muse Residences

Verzasca Group’s Le Jardin Residences, Darius Kasparaitis and Tim Lobanov

Verzasca Group’s Le Jardin Residences resolves bankruptcy

arrow_forward_ios
Loading...